The chart above shows that sources (other than the Federal Reserve) of funding for refinancing of residential mortgages is drying up. With a large wave of Alt-A and Option Payment mortgages due for interest rate resets next year, and the Fed saying it will stop purchasing agency debt in March of 2010, who will provide the new monies?
1 comment:
Obama can use some of the stimulus money to build more printing presses. We could build a mint in every town with a population 100K+. There's no end to the money we could print.
They could start another cash for clunker program based on the dollar. Trade in an old dollar and get 1000 new ones in return. Woohoo!
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